Bitcoin has been rangebound since it appeared to find its bear market bottom in early February as of June 17, 2026. We previously made the case that bitcoin typically outperforms other cryptocurrencies in bear market recoveries and has historically taken over a year to surpass the cost of production for inefficient miners. In "Bitcoin Mining Economics and the Pivot to AI," we posited that the fair value for bitcoin may be a small premium to the cost of production for inefficient miners—currently $95,000 according to data from Glassnode as of May 31, 2026. In past bear market recoveries, this level has also served as ... (full story)